Idaho § 41-1428 RECORDING AND REPORTING OF LOSS AND EXPENSE EXPERIENCE

Idaho Statutes

§ 41-1428 — RECORDING AND REPORTING OF LOSS AND EXPENSE EXPERIENCE

Idaho·Title 41 INSURANCE·Ch. 14 PROPERTY INSURANCE RATES

(1)The director shall promulgate and may modify reasonable rules and statistical plans, reasonably adapted to each of the rating systems used, (to time) and which shall be used thereafter by each insurer in the recording and reporting of its loss and countrywide expense experience, in order that the experience of all insurers may be made available at least annually in such form and detail as may be necessary to aid him in determining whether rates comply with the applicable standards of this chapter. Such rules and plans may also provide for the recording and reporting of expense experience items which are specially applicable to this state and are not susceptible of determination by a prorating of countrywide expense experience.

(2)In promulgating such rules and plans the director shall

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(1) The director shall promulgate and may modify reasonable rules and statistical plans, reasonably adapted to each of the rating systems used, (to time) and which shall be used thereafter by each insurer in the recording and reporting of its loss and countrywide expense experience, in order that the experience of all insurers may be made available at least annually in such form and detail as may be necessary to aid him in determining whether rates comply with the applicable standards of this chapter. Such rules and plans may also provide for the recording and reporting of expense experience items which are specially applicable to this state and are not susceptible of determination by a prorating of countrywide expense experience.
(2) In promulgating such rules and plans the director shall give due consideration to the rating systems in use in this state and, in order that such rules and plans may be as uniform as is practicable among the several states, to the rules and to the form of the plans used for such rating systems in other states.
(3) No insurer shall be required to record or report its loss experience on a classification basis that is inconsistent with the rating system used by it.
(4) The director may designate one or more rating organizations or other agencies to assist him in gathering such experience and making compilations thereof, and such compilations shall be made available, subject to reasonable rules promulgated by the director, to insurers and rating organizations.

Idaho § 41-1428 (RECORDING AND REPORTING OF LOSS AND EXPENSE EXPERIENCE) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.